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Financial ETFs Decline Ahead of JPMorgan

NEW YORK ( TheStreet) -- ETFs tracking financials are shedding recent gains on Wednesday, a day before JPMorgan Chase (JPM - Get Report) opens the banking earnings season with its results.

Markets have been fluctuating as investors digest Intel's blowout earnings on Tuesday and weaker-than-expected retail sales data that came out today. Shares of JP Morgan are down 0.6%, while Wells Fargo (WFC - Get Report) and Goldman Sachs (GS - Get Report) are down 1.3% and 1% respectively.

The Financial Sector SPDR ETF (XLF) is down about 1%. Earlier this morning, the Mortgage Bankers Association said mortgage loan-application volume dropped 2.9% last week.

The biggest losers within the category are regional banking ETFs. KBW Regional Banking ETF (KRE) is down 1.9%. Its holdings include Bank of Hawaii (BOH - Get Report), down 0.7%, and CVB Financial (CVBF - Get Report), down 3.2%.

Retail and consumer discretionary ETFs were lower following weak retail sales data. The Consumer Discretionary Sector SPDR (XLY) shed 0.8% while the SPDR S&P Retail ETF (XRT) is down 0.9%.

Intel (INTC - Get Report) continues to lead tech stocks and ETFs higher. PowerShares Dynamic Technology (PTF) is a prominent gainer, led by the rally in Cisco (CSCO - Get Report) and VMWare (VMW - Get Report) among others.

--Reported by Shanthi Venkataraman in New York.

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Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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SYM TRADE IT LAST %CHG
KRE $41.48 0.48%
RTH $76.53 0.41%
PTF $41.59 0.25%
XLF $24.23 0.00%
BOH $60.94 0.23%

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